Pardes Biosciences, Inc. - PRDS STOCK NEWS

Foresite Capital's affiliate, Purchaser, has commenced a tender offer to acquire Pardes Biosciences for $2.13 per share in cash, plus a non-tradeable contingent value right (CVR) associated with future monetization of Pardes' COVID-19 antiviral portfolio. As of August 25, 2023, approximately 13.2% of Pardes' outstanding shares have been validly tendered. The acquisition is expected to close in Q3 2023.

MediPacific Sub, Inc. and MediPacific, Inc., affiliates of Foresite Capital, have extended their tender offer to acquire Pardes Biosciences, Inc. for $2.13 per share. The Offer's expiration date is now August 30, 2023. As of August 16, 2023, 301,496 shares of Pardes' common stock have been tendered. The acquisition is expected to close in Q3 2023.

Pardes Biosciences, Inc. has entered into a merger agreement with MediPacific, Inc. for a cash price per share of $2.02, plus additional cash based on net cash at closing. The merger includes a contingent value right associated with future monetization of its COVID-19 antiviral portfolio. The acquisition is recommended by the Special Committee and is expected to close in Q3 2023.

Pardes Biosciences reports Q1 2023 financial results with a net loss of $17.8 million, a decrease from the previous year. Research and development expenses decreased by $0.2 million while general and administrative expenses decreased by $1.4 million. Cash and cash equivalents as of March 31, 2023, were $172.2 million.

Pardes Biosciences, Inc. (NASDAQ: PRDS) announced that its Phase 2 trial for pomotrelvir, an oral antiviral for COVID-19, failed to meet its primary endpoint of reducing infectious SARS-CoV-2 levels on day 3 of treatment. The results indicated 70% in the treatment group and 63% in the placebo group achieved undetectable levels (p=0.57). Although participants experienced symptom relief, the company has decided to suspend further development of pomotrelvir and evaluate strategic alternatives. As of March 31, 2023, the company's cash and equivalents stood at approximately $172.4 million. No significant adverse effects were reported during the trial.

Pardes Biosciences reported its Q4 and full-year 2022 financial results, posting a net loss of $24.2 million for Q4 and $96.6 million for the full year. This compares to net losses of $14.3 million and $38.5 million in 2021, driven largely by increased research and development expenses, which rose to $19.4 million in Q4 from $10.4 million a year prior. The company's cash reserves as of December 31, 2022, stood at $197.3 million, expected to fund operations for the next twelve months. Pardes remains optimistic about the ongoing Phase 2 trial of pomotrelvir for COVID-19 treatment, with results anticipated in the coming weeks.

Pardes Biosciences (NASDAQ: PRDS) announced participation in a fireside chat at the SVB Securities Global Biopharma Conference on February 14, 2023, at 10:40 a.m. PT / 1:40 p.m. ET. The event will feature discussions about PBI-0451, a novel oral antiviral candidate for COVID-19 treatment and prevention.

Investors can access a live audio webcast on Pardes’ website, with a replay available for 30 days post-event. The company focuses on developing antiviral solutions to address pandemic challenges. For more details, visit their official site for ongoing updates and investor information.

Carver Biosciences, a Boston-based biotech firm focused on CRISPR/Cas13 antivirals, has established its Scientific Advisory Board (SAB). Dr. Cameron Myhrvold will chair the SAB, with Dr. Uri Lopatin, Dr. Olivia Merkel, and Dr. Neville Sanjana joining as members. Dr. Lopatin brings significant experience from founding Assembly Biosciences (NASDAQ:ASMB) and Pardes Biosciences (NASDAQ:PRDS), having raised over $600 million for novel therapies. The new board aims to enhance Carver's pipeline and advance its clinical programs.

Pardes Biosciences, Inc. (NASDAQ: PRDS) reported its Q3 2022 financial results, noting a net loss of $23.3 million, up from $11.5 million in Q3 2021. The increase is attributed to rising research and development expenses, now at $17.4 million, driven by advancing PBI-0451, an oral antiviral candidate for COVID-19. The Phase 2 trial commenced in September 2022, aiming to enroll 210 non-hospitalized patients at 75 sites, with results expected in Q1 2023. Cash on hand as of September 30, 2022, was $209.1 million, projected to sustain operations for 12 months.